G7 countries back plan to cap price of Russian oil:
Tanks belonging to Transneft, a Russian state-owned company that operates the country's oil pipelines, in Ust-Luga, Russia, in March 2022. Igor Grussak/picture alliance via Getty Images
On Friday, the G7 Finance Ministers agreed to move forward with a plan to put a price cap on purchases of Russian oil and petroleum products in response to its continued invasion of Ukraine. This cap is aimed at preventing Russia from funding its war by keeping the Kremlin from further profiting from its oil exports while limiting the invasion's effect on global energy prices. US Treasury Secretary Janet Yellen supported the bid in a statement that the agreement is "a critical step forward in achieving our dual goals of putting downward pressure on global energy prices while denying Putin revenue to fund his brutal war in Ukraine." The effect of the price cap can already be seen as Russia attempts to negotiate discounted oil trades. Russia, for its part, is threatening to withhold oil sales from countries taking part in the capping plan.
Tens of thousands protest in Prague against Czech government, EU and NATO:
On Saturday, an estimated 70,000 people protested in Prague against the Czech government. They called on the ruling coalition to do more to combat rising energy prices and voiced opposition to the European Union and NATO. The group was made up of several fringe and far-right groups including the Communist party. They want the central European nation to be militarily neutral and ensure direct contracts with gas suppliers, including Russia. "The aim of our demonstration is to demand change, mainly in solving the issue of energy prices, especially electricity and gas, which will destroy our economy this autumn," event co-organizer Jiri Havel told iDNES.cz news website. The protest at Wenceslas Square, estimated to be 70,000 large, in the city center was held a day after the government survived a no-confidence vote amid opposition claims of inaction against inflation and energy prices. The vote showed how Europe's energy crisis and inflation are fuelling political instability. According to Prime Minister Petr Fiala, who leads the center-right, five-party coalition, "The protest on Wenceslas Square was called by forces that are pro-Russian, are close to extreme positions and are against the interests of the Czech Republic."
Chile votes on proposed constitution with big changes:
Demonstrators gather to rally against the new draft of the proposed Constitution, in Santiago, Chile, Saturday, Aug. 27, 2022. (AP Photo/Matias Basualdo)
Chileans are voting Sunday to see whether they adopt a new constitution which could fundamentally change the South American country. It is intended to replace a constitution imposed by a military dictatorship 41 years ago. Although the population largely agrees to casting aside the dictatorial era constitution, they are divided over what it should be replaced with. The vote is viewed by many to also be a referendum for President Gabriel Boric, one of the main proponents of the new constitution, as his popularity has plunged since taking office in March. Should the new constitution pass, it will characterize Chile as a plurinational state, establish autonomous Indigenous territories, and recognize a parallel justice system in those areas. This is contrasted by the current document which favors the private sector over the state in aspects like education, pensions and, health care. While the new document was favored during its drafting, public mood has since soured with Paulina Lobos, a major advocate against, calling it “an imposition by leftist radicals on society at large.” Its supporters view such sentiments as being fueled by lies and fake news.
G7 countries back plan to cap price of Russian oil over Ukraine invasion
Tens of thousands protest in Prague against Czech government, EU and NATO | Reuters
Chile votes on proposed constitution with big changes | AP News